Beijing sold more than 56 million tonnes of corn from its reserves in , according to Reuters calculations, based on statements released on the website of the National Grain Trade Centre. State-owned Cofco's meat division said in it was more than doubling the amount it would spend annually on procuring meat for the central reserves to a maximum of 1.
China's SPR sites currently hold million barrels of crude oil, equivalent to 15 days of demand, consultancy Energy Aspects estimates. However total crude oil inventories, including the SPR, commercial storage and those at oil firms, are estimated to be able to cover 60 days of consumption, said Liu Yuntao analyst at Energy Aspects. The International Energy Agency, Paris-based watchdog, recommends members keep 90 days of net oil imports in reserve, although China is not a member.
The last public SPR update was in when the National Bureau of Statistics said China had built nine storage bases with total reserve capacity of In September , China's National Energy Administration said the country had oil inventories that could last 80 days and included those in the SPR, storage at oil firms and commercial tanks.
China has been more candid on coal. The National Development and Reform Commission, the state planner, called in April for coal reserves to reach more than million tonnes this year. You may cancel your subscription at anytime by calling Customer Service. Skip to Main Content Skip to Search.
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Dow Jones. To Read the Full Story. Subscribe Sign In. Total crude stockpiles, including commercial inventories, are enough to cover 60 days of Chinese oil demand, Energy Aspects analyst Liu Yuntao told Reuters.
Related: Top U. But China is not a member of the IEA. For metals, Chinese strategic reserves are seen at 1. China is also thought to have around 7, tons of cobalt, a key metal used in battery manufacturing. Since China rarely reports any commodity inventories, the market is often left guessing how Chinese crude oil imports—and import of key metals such as copper or iron ore—will trend in the coming months.
More than how much of each commodity China holds, the market is looking at how Chinese authorities have been managing these commodities this year amid a rally in commodity prices. China has been tapping into coal reserves to prevent shortages as coal prices soar on tight supplies. The surging price of coal is affecting the downstream sector and the real economy, according to the Chinese state planning body.
China has also reportedly released more than 20 million barrels of crude oil from its strategic reserve in a move designed to curb the recent oil price rally. Now, its crude released from the strategic reserve could weaken Chinese imports further. In addition, China has been releasing metals stocks from reserves to pull down rallying prices that raise manufacturing costs.
China is also showing signs of a slowdown in demand for metals , which could drag down copper and iron ore prices for the rest of the year after a blistering rally in the first half.
Demand across most commodities in China is expected to slow down in the second half of , Wood Mackenzie said in a new monthly China Economic Focus report last week. Read this article on OilPrice. Looking for the next 'big thing'? Cathie Wood knows where to find it.
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